Crude oil declined slightly in the Asian session but remained stable at a three-month high after some areas in Shanghai resumed implementing Covid-19 control measures sparking concerns that demand would be affected.
However, those concerns were not enough to drag the black commodity lower, seeing US WTI trade slightly lower at $ 120 a barrel during the Asian session, while Brent was down at $ 122 a barrel.
Following the gains recorded this week, Brent oil trading is on track for its fourth consecutive weekly gain while US WTI is heading for its seventh consecutive weekly gain.
The city of Shanghai reported another district was closed on Thursday for massive coronavirus testing after seeing a surge in cases following the city’s reopening last week.
Meanwhile, the strengthening of oil prices was also limited by the US dollar which continued to trade higher ahead of the release of inflation data.
However, rising summer gasoline demand in the United States helped support crude oil trade to stay around monthly highs.
Although America and other countries have conspired in a series of oil releases from their emergency reserves, the impact gained on supply is limited.
